Tomorrow, Council Committee to Learn All About Plans for 1401 Elm Street Redo
Last month we broke the news that 1401 Elm Street was about to be snapped up by Turkish investor and developer Mukemmel "Mike" Sarimsakci -- if, that is, the city OK'd $30 million in TIF funds for a redo now expected to run upwards of $136 million. (The George Dahl-designed former First National Bank of Dallas is, after all, the largest empty building downtown -- 52 floors and 1.5 million square feet of empty, to be precise.) Sarimsakci's already made it past the first hurdle, and closed on the building August 19, but council still has to sign off on the deal, which it's expected to do September 28.
Hence this briefing prepared for the first Economic Development Committee meeting under Mayor Mike's new roster lineup. Office of Economic Development head Karl Zavitkovsky will offer a few more details concerning the plans for the 1401 Elm, some of which appear to have been tweaked over the last few weeks. As in: Last month's presentation said there'd be around 395,000 square feet of office space; tomorrow's doc says it's closer to 464,400. And the number of potential residential units has gone from 509 to 520 -- though Sarimsakci will only have to do 400 units to qualify for the TIF money.
The ninth-floor rooftop plaza and the 50th-floor observation deck will be open to the public, the former complete with gardens, the Dahl-designed fountain and some retail. And the city is stipulating that 10 percent of the residential "comply with the City's affordable housing program" and that "affordable units must be available for a 15 year period (from the date of CO)," which is December 31, 2014. Zavitkovsky will also try reassure the council that the Turk's a serious player connected to the same company that oversaw development of, among other project, a Ritz-Carlton in Russia and a museum in Turkmenistan. Read up today; we'll follow along tomorrow.
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